CalPERS Commits Over $3B: California’s largest pension system deployed billions across private equity, private credit, and real assets, reinforcing its aggressive stance in alternatives.
CalSTRS Bets on AI & Public Equity: CalSTRS announced new strategies focused on AI-driven public equity and increased allocations to global managers, signaling innovation in portfolio construction.
New York State Common Goes Global: The fund committed $1B to ESG-focused and international private equity mandates, highlighting a strategic global pivot.
Private Credit Maintains Momentum: Multiple pensions—including Texas TRS and San Bernardino—expanded allocations to opportunistic and structured credit vehicles.
2025 Pacing Plans Launched: Systems like LA Fire & Police and Fairfax County outlined private equity pacing plans, setting clear intent for continued private market deployment.
Consultant Shifts & Mandates: Several plans issued RFPs or made consultant changes (e.g., Pasadena, SDCERA), potentially opening new windows for asset manager engagement.
Co-Investments & Secondaries Rise: Pensions emphasized greater exposure to co-investments and secondaries to drive cost-efficiency and liquidity.
Infrastructure & Real Estate Grow: ESG-tied infrastructure and niche real estate strategies (e.g., cold storage, senior housing) attracted growing attention from multiple public systems.